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A Step-by-Step Guide to Purchasing
Property in the UAE
What according to you, is the most essential thing when you’re looking to buy a new property for yourself? The location of the property is undeniably one of the most important factors! Although it is one of the most crucial, there are many other key aspects that can influence whether your investment is the right one for you! Some of these factors have been mentioned below:.
Buyers seek a location that makes it simple for them to get to the locations they visit the most. See if the major roads are accessible, and observe the flow of traffic. Before making a purchase, you should investigate this to avoid problems getting out of the neighbourhood and onto the main road or from an excessively long commute.
For many people, it's also important where the house is situated in relation to the neighbourhood. Some people prefer to live close to the main entrance, while others prefer to be further inside the development and away from the traffic.
Even though it may be a relief to be there at last after all the work of looking for and purchasing the property, the work of budget and financial planning does not end once you receive the keys to your new home.
Of course, all the work you've already done should be helpful. You had to decide how much house you could afford, collect money for a down payment, and submit an application for a mortgage. This procedure may be painful and stressful.
A new set of financial budgeting and planning responsibilities arises once you purchase a home.
Create a budget that accounts for all of your ongoing home expenses.
Look for a broker who is trustworthy and RERA qualified and who can help you find the property of your dreams. Ensure that you go through their customer testimonials as well to reaffirm their reliability. First time home buyers need information from experienced brokers for a good buying experience.
First time home buyers can get an understanding of the mortgage application procedure from a broker. With a thorough understanding of the mortgage industry, seasoned mortgage brokers are best equipped to respond to your inquiries and serve as a reliable resource throughout the application process.
It is imperative for buyers, irrespective of how many times they’ve bought houses before, to go and see the house they’re interested in buying. Online admissions or advertisements showcase only the very best of the house. A house could look very different in person than it does in pictures.
Pictures can be staged, but the real condition of the house can only be determined by physically visiting the house. During the physical visit, you can closely check every nook and cranny of the house, to see if it fits what you are looking for!
Make the offer! Ensure that you have the down payment ready; timing is crucial. Making the right offer at the right time can help you get the house of your dreams and help you not lose it to other potential buyers.
An offer-to-purchase contract's goal is to get the sellers and buyers to agree on something that will allow them to sign the document and proceed with the transaction.
As soon as the price has been agreed upon by both parties, an MoU, or Memorandum of Understanding, or Form F as it is known under RERA, will be signed. The MoU must contain all pertinent information about the agreement you are entering and the time frame set forth for the formal transfer. You must submit this through the Dubai Brokers App and provide a current-dated check for 10% of the unit price, made payable to the seller. At this point, you also need a post-dated commission check payable to the brokerage you're working with.
Note of Caution- Read the agreement as carefully as humanely possible before you sign it. There are many legalities an agreement carries, all across the world, and Dubai is no different. Once the MOU is signed, your agent shall prepare the contract, which both the seller and the buyer will have to sign in front of a witness, in the office of the registration trustee.
Additionally, the buyer must give the Registration Trustee a nominal fee of 10% of the security deposit on the property, which is refunded after the property transfer is complete.
The final and another very crucial step in the buying process is when ownership and title aretransferred from the seller of the property to the buyer of the property. This is usually performed at the master developer's office. A transfer fee is typically incurred, and it can differ between developers.With all the valid documentation, the seller and the buyer will have to arrange a meeting, to apply forand pay for the nominal fee for the NOC (No Objection Certificate), to complete the last step of the purchase and transfer the ownership.
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In areas marked as freehold in Dubai, ownership by foreigners is allowed. Foreigners (those who do not reside in the UAE) as well as expatriate citizens may acquire usufruct rights, freehold ownership rights, or leasehold rights for a maximum of 99 years.
Owning a property 'freehold' means that you also own the land it is situated on. A leasehold property is one that you buy the right to occupy for a specified period of time (for example, 9, 98, 124, or 989 years) under the terms of a lease agreement, as opposed to owning the land.
No, property owners are not subject to taxes in the UAE. However, a property transfer fee, typically 4%, is paid by both the buyer and the seller when purchasing or selling a property.
As mentioned above, the government of the UAE does not levy taxes on property owners.
An agreement between the buyer and seller is called a sales agreement.
The Dubai Land Department (DLD) charges fees when purchasing real estate in Dubai. You could think of it as a one-time tax that you paid to the UAE government. 4% of the property's total cost is the DLD fee. In Dubai, DLD fees must be split equally—50% each between the buyer and the seller.
Real estate purchases in Dubai may result in the buyer receiving a residence permit. The property must be finished at the time of purchase and be worth at least AED 1 million in order to qualify for the UAE investor visa programme. Dependents may also be sponsored by real estate purchase residence visa holders.
